Skip to main content

Anglo Scottish Asset Finance - Regional Growth Fund and Hire Purchase

Established in 1992 with one minibus, a customer of Anglo Scottish Asset Finance spotted a niche in their market.  They identified the need for quality coach hire for airport transfers and have now grown to be one of the major coach providers in the North East.

Following the failure of a local competitor, the customer was offered the contract for two local universities and needed to purchase new coaches in order to win and service the respective contracts.  The company approached Kelly Lilburn at Anglo Scottish to assist with the new purchases as she had arranged much of the customer’s previous funding.  They established that they could arrange asset finance for the coaches, but a large deposit would be an issue.  Kelly Lilburn introduced the company to Close Brothers Business Finance to discuss the mechanics of the Regional Growth Fund and their eligibility.

Solution

Following an initial meeting with the Directors to discuss the business needs, Mark Gilman, Business Development Manager at Close Brothers Business Finance, confirmed that the company could be eligible for a grant from the Regional Growth Fund.  Mark guided Anglo’s customer through the application process helping them to receive £49,000 of RGF funding over two deals towards the deposit for the company’s new coaches.  Mark was also able to offer a Hire Purchase agreement for the remaining funding required to purchase the new assets.

Result

With the funding in place, the company has been able to expand and take on the new contracts along with more new business, which has helped them to seize new opportunities for growth.

The growth in the business has meant that the company has taken on five new employees, both coach drivers and office staff to cope with the increased administration the new contracts have brought.

Kelly Lilburn from Anglo commented “Close Brothers Business Finance helped guide our customer through the RGF process from start to finish and Mark was always on hand to answer any questions I or my customer had.  They were able to access Regional Growth Funds when other lenders could not and as a result of this funding; our customer has been able to rapidly expand their business without limiting their day-to-day cash flow."